Is the output growth rate in NIPA a welfare measure?
在动态一般均衡框架下证明，国民收入与产品账户衡量的产出增长率在等价变动的精确意义上反映了福利变化，对宏观经济学和福利分析研究者有参考价值。
Abstract This paper shows that, in a dynamic general equilibrium framework, the rate of output growth as measured by national income and product accounts reflects changes in welfare in the precise sense of equivalent variation. The main argument is straightforward. In a two-sector dynamic general equilibrium model of heterogeneous households, recursive preferences and quasi-concave technology, the Bellman equation provides a representation of household preferences over current consumption and investment. When applied to this representation of preferences, a Fisher–Shell true quantity index turns out to be equal to the Divisia index, closely approximated by the Fisher ideal chain index used in national income and product accounts.